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Peel Mining upgrades Wagga Tank-Southern Nights resource to 4.95 million tonnes

Peel Mining Ltd (ASX:PEX) has revealed an updated indicated and inferred resource estimate for its 100% owned Wagga Tank and Southern Nights deposits in the Cobar Basin of western NSW.

Southern Nights and Wagga Tank mineral resource estimate as at March 2020

Notably, the 30% increase in resource tonnage to 4.95 million tonnes and 161% increase in indicated classification to 2.95 million tonnes provide Peel with a solid foundation to immediately commence scoping studies to advance the potential development scenarios at Wagga Tank-Southern Nights.

Activities currently underway include ongoing metallurgical test work, geological/structural studies, pre-development environmental baseline work, and drill planning targeting potential extensions to mineralisation.

The Wagga Tank-Southern Nights mineral system remains open along strike and down dip.

Southern Nights long section showing indicated and inferred blocks within mineable shapes. The resource has been reported within mineable sha..

Peel Mining Ltd (ASX:PEX) has revealed an updated indicated and inferred resource estimate for its 100% owned Wagga Tank and Southern Nights deposits in the Cobar Basin of western NSW.

Southern Nights and Wagga Tank mineral resource estimate as at March 2020

Notably, the 30% increase in resource tonnage to 4.95 million tonnes and 161% increase in indicated classification to 2.95 million tonnes provide Peel with a solid foundation to immediately commence scoping studies to advance the potential development scenarios at Wagga Tank-Southern Nights.

Activities currently underway include ongoing metallurgical test work, geological/structural studies, pre-development environmental baseline work, and drill planning targeting potential extensions to mineralisation.

The Wagga Tank-Southern Nights mineral system remains open along strike and down dip.

Southern Nights long section showing indicated and inferred blocks within mineable shapes. The resource has been reported within mineable shapes generated at AU$80/tonne NSR (net smelter royalty) with a minimum mining width of 3 metres and includes internal dilution.

Peel managing director Rob Tyson said: “This resource upgrade is another important step for Peel as it continues towards unlocking the next mine development opportunity within the Cobar Basin.Read More – Source

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Australia

Emmerson Resources implements cost-saving measures in response to COVID-19

Emmerson Resources Limited (ASX:ERM) has implemented cost-saving measures in response to the impact of COVID-19 on operations with directors, management and staff reducing fees and salaries by up to 50%.

The pandemic has resulted in the company ceasing exploration activities at its projects in the Northern Territory and in Central West NSW, including high impact drilling planned for the Kiola project.

Emmerson managing director Rob Bills said: “We have prudently implemented cost-saving measures across our business to help weather the challenging economic conditions we currently face.”

Incentive Option Scheme[hhmc]
The company intends to issue options to employees and directors under its Incentive Option Scheme.

Directors consider that options provide an effective form of compensation that allows the company to conserve cash and incentivise employees.

The options offered to employees will have an exercise price of 14 cents, a premium of 70% to last weeks VWAP, and will expire on De..

Emmerson Resources Limited (ASX:ERM) has implemented cost-saving measures in response to the impact of COVID-19 on operations with directors, management and staff reducing fees and salaries by up to 50%.

The pandemic has resulted in the company ceasing exploration activities at its projects in the Northern Territory and in Central West NSW, including high impact drilling planned for the Kiola project.

Emmerson managing director Rob Bills said: “We have prudently implemented cost-saving measures across our business to help weather the challenging economic conditions we currently face.”

Incentive Option Scheme


The company intends to issue options to employees and directors under its Incentive Option Scheme.

Directors consider that options provide an effective form of compensation that allows the company to conserve cash and incentivise employees.

The options offered to employees will have an exercise price of 14 cents, a premium of 70% to last weeks VWAP, and will expire on December 31, 2023.

Options to be issued to directors, including the managing director, will be subject to approval of shareholders at the companys next general meeting in accordance with ASX Listing Rules.

New company secretary


Emmerson has also appointed Paul Mason as company secretary following the resignation of Trevor Verran effective from April 6, 2020.

Mason is a Chartered Accountant and has more than 20 years experience in finance and accounting within the resources industry.

He was formerly company secretary and group accounting manager at Kingsgate Consolidated Ltd and prior to that company secretary and financial controller at Catalpa Resources Ltd, which is now Evolution Mining Ltd (ASX:EVN).

The board has acknowledged the valuable contribution TRead More – Source

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Australia

Blackham Resources substantial holder Delphi lifts stake to 39.03%

Blackham Resources Ltd (ASX:BLK) (FRA:NZ3) (OTCMKTS:BKHRF) substantial shareholder Delphi continues to show confidence in the companys gold strategy, lifting its stake to 39.03%.

The German-based prolific Australian junior resources sector investor and related entities now hold more than 3.3 billion Blackham shares.

Despite difficult market conditions, Blackhams recent non-renounceable pro-rata entitlement offer received strong support from large institutions and cornerstone investors (including Delphi) and the company's chairman Milan Jerkovic.

Blackham raised about $26.15 million before costs from the offer.

Sulphide Expansion Project[hhmc]
Jerkovic said after the raising: “Blackham is fortunate to have Delphi and a number of significant global institutions that stepped up during the past months market turmoil.

“We take that as a real show of support not only for the Wiluna project but for the current management team and our staged strategy to becoming one of the largest si..

Blackham Resources Ltd (ASX:BLK) (FRA:NZ3) (OTCMKTS:BKHRF) substantial shareholder Delphi continues to show confidence in the companys gold strategy, lifting its stake to 39.03%.

The German-based prolific Australian junior resources sector investor and related entities now hold more than 3.3 billion Blackham shares.

Despite difficult market conditions, Blackhams recent non-renounceable pro-rata entitlement offer received strong support from large institutions and cornerstone investors (including Delphi) and the company's chairman Milan Jerkovic.

Blackham raised about $26.15 million before costs from the offer.

Sulphide Expansion Project


Jerkovic said after the raising: “Blackham is fortunate to have Delphi and a number of significant global institutions that stepped up during the past months market turmoil.

“We take that as a real show of support not only for the Wiluna project but for the current management team and our staged strategy to becoming one of the largest single asset gold producers in Australia.

“The resultant transformation of the Blackham balance sheet will allow the company to move rapidly ahead on its previously announced Sulphide Expansion Project.”

Delphis largest mining investment to date


Major Delphi shRead More – Source

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Australia

Euro Manganese closes first tranche of C$1 million non-brokered private placement

Euro Manganese Inc (ASX:EMN) (CVE:EMN) has closed the first component of a non-brokered private placement which is expected to raise in excess of C$1.005 million in two tranches.

Tranche-one comprised 4.47 million shares and 227,273 CHESS Depositary Interests (CDI) at a price of C11 cents per share and A13 cents per CDI for aggregate gross proceeds of C$517,489.

The second tranche of the offering, consisting of subscriptions by related parties of the company of 4.26 million shares at the same prices for aggregate gross proceeds of C$487,780, is expected to close on or about May 5, 2020.

Tranche-two is subject to approval by the companys shareholders as required by Listing Rule 10.11.5 of the Australian Securities Exchange and EMN has called a special meeting of shareholders for May 1, 2020, for this purpose.

Funds to advance manganese project[hhmc]
Placement proceeds will be used to further advance the Chvaletice Manganese Project in the Czech Republic, including advancing the feas..

Euro Manganese Inc (ASX:EMN) (CVE:EMN) has closed the first component of a non-brokered private placement which is expected to raise in excess of C$1.005 million in two tranches.

Tranche-one comprised 4.47 million shares and 227,273 CHESS Depositary Interests (CDI) at a price of C11 cents per share and A13 cents per CDI for aggregate gross proceeds of C$517,489.

The second tranche of the offering, consisting of subscriptions by related parties of the company of 4.26 million shares at the same prices for aggregate gross proceeds of C$487,780, is expected to close on or about May 5, 2020.

Tranche-two is subject to approval by the companys shareholders as required by Listing Rule 10.11.5 of the Australian Securities Exchange and EMN has called a special meeting of shareholders for May 1, 2020, for this purpose.

Funds to advance manganese project


Placement proceeds will be used to further advance the Chvaletice Manganese Project in the Czech Republic, including advancing the feasibility study and preparation of the Environmental Impact Assessment submission as well as for other general corporate purposes.

Fees payable by the company in connection with the offering are a management fee, payable in cash of 1% of the aggregate gross proceeds from the offering.

Shares issued pursuant to the first tranche of the offering are subject to a four-month and one day statutory hold period expiring on August 7, 2020.

Stock option grant


Euro Manganese will also grant stock options to an officer, an employee and a consultant to purchase up to an aggregate of 350,000 shares.

These options are exercRead More – Source

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